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According to a report by CoinGecko, Ethereum's native token ETH outperformed Bitcoin in the third quarter, with a price increase of 70%, surpassing Bitcoin's 42% increase. However, during the same period, ETH's liquidity significantly narrowed compared to Bitcoin.From July 6 to September 30, the average daily market median depth of ETH was only 35% to 45% of Bitcoin's, while it was at least 60% during the same period last year. Market depth measures the total dollar value of buy and sell orders within a certain price range. The depth of ETH within a 0.15% price range was between 13 million to 14 million dollars. CoinGecko stated that ETH still maintained good liquidity in this range, with most exchanges having both buy and sell side depths exceeding 1 million dollars.The liquidity of other mainstream tokens is also thinning. Solana's SOL saw its depth within a 2% price range drop from about 28 million dollars per side last year to about 20 million dollars this year. XRP's total depth remained stable at around 30 million dollars, but the order book was biased towards buyers, with buy orders around 18 million dollars and sell orders around 14 million dollars. CoinGecko pointed out that XRP's market capitalization is about 40% higher than SOL, but the depth within the 2% price range is lower because SOL's average daily trading volume is still 25% higher than XRP.

According to Bitcoin.com, the Ethereum Foundation and Open Anonymity Project have launched zkAPI on the Ethereum mainnet. This system allows users to pre-deposit amounts in ETH, USDC, and other currencies, separating billing identity from requests when paying for AI and other usage-based services.After users deposit funds, they can authorize payments using zero-knowledge proofs and one-time API keys. After the server verifies the payment proof, it generates a short-term key with a set limit, allowing AI service providers to receive prompts without knowing the corresponding payment identity.zkAPI does not hide the content of the prompts; AI service providers can still read the prompts and responses; stable IP addresses, time patterns, and repetitive behaviors may also be linked to user identities. The project repository marks zkAPI as an experimental project.

According to SoSoValue data, last week's trading days (Eastern Time from September 28 to October 2) saw a net outflow of $138 million from Ethereum spot ETFs.The Ethereum spot ETF with the highest net outflow last week was Fidelity ETF FETH, with a weekly net outflow of $74.0624 million; currently, FETH has a historical total net inflow of $2.35 billion. The second was Grayscale Ethereum Trust ETHE, with a weekly net outflow of $27.8910 million; currently, ETHE has a historical total net outflow of $5.44 billion.The Ethereum spot ETF with the highest net inflow last week was 21Shares ETF TETH, with a weekly net inflow of $1.742 million; currently, TETH has a historical total net inflow of $32.88 million.As of the time of writing, the total net asset value of Ethereum spot ETFs is $17.46 billion, with an ETF net asset ratio (market value compared to Ethereum's total market value) of 5.37%, and the historical cumulative net inflow has reached $13.80 billion.

According to Onchain Lens monitoring, a Gnosis Safe wallet associated with the synthetic dollar protocol Ethena withdrew 62.58 million ENA from the cryptocurrency exchange Bybit approximately 37 minutes ago, worth about 14.86 million USD.The account also noted that in the past 9 hours, the aforementioned wallet has cumulatively withdrawn 117.58 million ENA from Bybit, valued at approximately 27.96 million USD based on the price at that time.

According to on-chain data monitoring, wallets suspected to be related to the Ethena team have withdrawn a total of $68.26 million worth of ENA tokens from centralized exchanges (CEX), including approximately $13.1 million worth of ENA withdrawn from Bybit about 2 hours ago, and $55.16 million worth of ENA withdrawn from Coinbase.In addition, the Ethena project team released a series of transaction hashes on the X platform 8 hours ago, and the specific details have not yet been made public, sparking market speculation that significant information may be announced.

Bloomberg ETF analyst Eric Balchunas posted on platform X that the U.S. Securities and Exchange Commission (SEC) has just approved 3x long Bitcoin, Ethereum, gold, silver, crude oil, and natural gas ETPs under the Securities Act of 1933.

Layer 2 network Blast announced that it will cease operations due to the ongoing maintenance costs of the network exceeding the revenue generated by L2. The team believes there is no credible path to achieve economic sustainability.Blast advises all users to withdraw on-chain assets and balances in the Blast PWA to the Ethereum mainnet and plans to shorten the withdrawal waiting time to 24 hours. However, the team will first process the withdrawal of Lido assets held by Blast, which is expected to take about a week, during which the withdrawal function will be temporarily unavailable.Users can complete withdrawals through the regular Blast interface before October 26. After that, assets can still be withdrawn, but it will require direct interaction with the Blast Bridge contract on Ethereum L1. The team will announce specific operational instructions before the deadline.

ZachXBT posted on platform X that UPay may allow the sanctioned illegal market Xinbi to issue its Visa crypto card and requested UPay to clarify the situation.ZachXBT stated that Xinbi is mainly involved in pig butchering scams, fraud, money laundering, and human trafficking.

Crypto analyst alicharts combines long-term K-line charts of mainstream crypto assets to predict the potential peaks of various mainstream cryptocurrencies in this bull market from a technical analysis perspective as follows: The first target for Bitcoin is the previous high of $125,000. If this high is broken, it may reach the upper boundary of the ascending channel—close to $190,000. The Ethereum monthly chart shows the ascending channel it has followed over the past 5 years, with the upper boundary around $5,000 being a level to watch. If this level is broken, the expected trend will point towards $8,800.The SOL monthly chart appears to be forming a cup and handle pattern, with the neckline around $295. If the monthly close breaks this line, it will strengthen the bullish case, with the potential target of this pattern expected to be close to $2,744.

According to CoinDesk, Tether's USDT will return to the Bitcoin network this month, issued through the Tether-supported infrastructure project Utexo.With a market capitalization of nearly $190 billion, USDT is the largest stablecoin in the world, originally launched on the Bitcoin Omni protocol in 2014, and later Ethereum and Tron became its main issuance networks. Tether CEO Paolo Ardoino stated on X last week, "It's home."Utexo was established in 2025 and completed a $7.5 million financing round earlier this year, led by Tether, and has obtained a commercial license to issue USDT on Bitcoin.Utexo uses the RGB protocol with client-side validation, keeping most transaction data off the Bitcoin public ledger, with ownership anchored on UTXO. Unlike the account models of Ethereum and Tron, transaction details are fully preserved off-chain between the two parties, with the Bitcoin ledger used solely for cryptographic proof of ownership.Utexo offers three main use cases: private USDT transfers, direct exchanges between native BTC and USDT, and lending with native Bitcoin as collateral, without the need for cross-chain wrapping like WBTC.Since RGB assets are ultimately anchored to Bitcoin UTXO, Utexo cannot freeze assets like Tether can freeze Ethereum addresses, but instead maintains a blacklist of UTXO related to sanctioned or illegal activities and distributes it to exchanges and other institutions, making these UTXO non-redeemable.

According to SoSoValue data, the total net outflow of Ethereum spot ETFs yesterday was $55.3727 million.The Ethereum spot ETF with the highest single-day net inflow was Grayscale Ethereum Trust ETF ETH, with a single-day net inflow of $1.5463 million, and the total historical net inflow for ETH has reached $2.022 billion.The Ethereum spot ETF with the highest single-day net outflow was Fidelity ETF FETH, with a single-day net outflow of $23.5039 million, and the total historical net inflow for FETH has reached $2.364 billion.As of the time of publication, the total net asset value of Ethereum spot ETFs was $17.714 billion, with an ETF net asset ratio (market cap as a percentage of total Ethereum market cap) of 5.38%, and the historical cumulative net inflow has reached $13.839 billion.

According to The Block, the Ethereum Foundation has launched zkAPI on the Ethereum mainnet, a solution co-authored by Vitalik Buterin.zkAPI allows users to pay for artificial intelligence and other APIs using pre-stored ETH or USDC through zero-knowledge proofs, making it impossible for service providers to associate specific requests with the payer.

Ethena disclosed in the official September review that the USDe supply increased by over 700 million dollars in September, making it the second largest collateral asset on the Morpho platform and the largest dollar-denominated collateral asset, supporting two of the three major markets of the protocol.

EIP-8363 co-sponsor Jérôme de Tychey announced the withdrawal of the application to include the proposal in the Hegotá hard fork, and the discussion on the related issuance policy will shift to an independent topic.

According to a report by Reuters, Citigroup has raised its price forecasts for Bitcoin and Ethereum over the next 12 months, citing reasons such as increased activity in the cryptocurrency market, a supportive macroeconomic environment, and the resumption of ETF fund inflows.Citigroup has raised its 12-month target price for Bitcoin from $82,000 to $113,000, and its target price for Ethereum from $2,240 to $3,028.In a report released on Wednesday, Citigroup stated that it expects inflows into the cryptocurrency market to resume, but at a slower and more stable pace than before, as advisory firms and brokerages gradually increase their Bitcoin allocations, which is likely to sustain the inflows.Citigroup anticipates that there will be $5 billion in inflows into the cryptocurrency market over the next 12 months. The U.S. Senate failed to advance the CLARITY Act last week. This bill aims to establish a regulatory framework for digital assets, and its blockage poses a certain setback for the entire cryptocurrency industry. Following the U.S. Treasury's recent repurchase of long-term government bonds, the dollar weakened, reigniting the upward momentum in the cryptocurrency market.

According to SoSoValue data, yesterday (Eastern Time September 30) the total net outflow of Ethereum spot ETFs was $59.5825 million.The Ethereum spot ETF with the highest single-day net outflow yesterday was Fidelity ETF FETH, with a single-day net outflow of $26.6020 million. Currently, FETH has a historical total net inflow of $2.388 billion.The second was Grayscale Ethereum Trust ETF ETH, with a single-day net outflow of $25.4762 million. Currently, ETH has a historical total net inflow of $2.020 billion.As of the time of publication, the total net asset value of Ethereum spot ETFs was $17.596 billion, with an ETF net asset ratio (market value as a percentage of Ethereum's total market value) of 5.37%, and the historical cumulative net inflow has reached $13.895 billion.

Bitmine Chairman Tom Lee stated that Ethereum DAT currently holds 7% of the ETH supply, and this proportion may rise to 15% during this cycle.

According to Coinglass data, Ethereum's return rate in the third quarter of 2026 reached 70.8%, setting the highest record since 2016, while the return rate in the third quarter of 2025 reached 66.55%, ranking second.